A recent report finds that the culture of compliance is the top priority in trainings conducted by compliance professionals. The survey, which did not differentiate between operating companies and fund companies, included responses from 763 individuals in compliance or legal roles, and found that 90% focused on compliance culture as the top objective in trainings, edging out complying with laws and regulations at 89%. The survey notes that the results “signal a broader awareness of the need to help employees understand what it means to act ethically and with integrity—and a realization that desired compliance behaviors often flow from a culture of ethics and integrity.” The survey also summarized the top challenges for compliance professionals as identified by respondents: limited time available for training, the difficulty in measuring effectiveness, and budget constraints. The survey found that, on average, employees receive six hours of training annually, and boards of directors receive just over three hours of “training.” However, the survey did not collect data on the type of training offered to boards.
The full report can be found here.